Beautiful Virgin Islands


The Super Rich Are Choosing Singapore as the World’s Safest Haven

The Super Rich Are Choosing Singapore as the World’s Safest Haven

When Singaporean car dealer Keith Oh first read the Facebook message, he wasn’t sure it was real. A Chinese client ordered a S$1.1 million ($830,000) Bentley-sight unseen-over the social network.

“They just asked for the price and when we could do the delivery, that’s all,” he said. “It’s a million dollars to us but it’s probably nothing to them.”

The quick sale was the latest sign of a wider trend: Money is sloshing around Singapore like never before. As the coronavirus pandemic hammers Southeast Asia and political turmoil threatens Hong Kong, the city has become a safe harbor for some of the region’s wealthiest tycoons and their families.

For rich people “who can decide where they want to live and settle down, Singapore is a place of choice now,” said Stephan Repkow, who founded Wealth Management Alliance in 2015 after four years at Union Bancaire Privee. He said two of his foreign clients had become residents in the past 12 months and more are on the way.

Singapore has long been a draw for wealthy Chinese, Indonesians and Malaysians who would come for short trips to shop, play baccarat at the casino or get medical check-ups at world-class clinics. Mount Elizabeth Hospital Orchard, just steps from the flagship stores of Gucci and Rolex, features a UOB Privilege Banking Centre in the lobby.

The pandemic has changed all that, prompting many tycoons and their families to stay for months, in some cases seeking residency to ride out the storm. On a per capita basis, the mortality rates in Malaysia and Indonesia are more than 10 and 30 times higher than in Singapore, according to data collected by Johns Hopkins University.

The number of single family offices in the city-state has doubled since the end of 2019 to about 400, including firms recently set up by Google co-founder Sergey Brin and Shu Ping, the billionaire behind Chinese hotpot empire Haidilao International Holding Ltd. Demand for private golf club memberships is soaring, real estate prices have jumped the most since 2018 and until the recent clampdown, Michelin-star restaurants were packed. Global banks like UBS Group AG meanwhile are expanding in the city to manage the massive influx of assets.

A spike in virus cases that’s led to stricter border measures and the cancellation of upcoming events such as the World Economic Forum meeting may pause some of the rich migration to Singapore, but it’s likely to be short-lived.

While cases have jumped to a few dozen a day, it’s a far cry from the several hundred daily infections in New York City alone. Singapore is also charging ahead with vaccines: It’s given enough jabs for 30% of the population, almost twice the rate in China and even further ahead of neighboring Malaysia and Indonesia.

It’s a delicate balance for Singapore, which relies more on trade and open borders than just about any other Asian nation. Locking down and restricting travel for too long would make it unattractive to global investment and talent, while failing to control the virus risks a political backlash and its reputation as a safe regional hub.

“Our recent spike of pandemic is very unfortunate, but we will eventually go through this phase again,” Repkow said. “Singapore is resilient and able to manage crisis in a very pro-active and efficient manner.”

Seletar Aiport, the hub for private jets, has seen demand for hangar space soar during the pandemic, said Alan Chan, head of business development at the 67 Pall Mall wine club, who until November was an executive at Go-Jets.

One private jet pilot who declined to be identified said it’s still extremely difficult to snare a spot. While the recent strict travel rules have extended to people with their own aircraft, he added that most expect them to ease in line with commercial flights after a few weeks.

Singapore doesn’t divulge many details on its super-rich migrant residents, but private bankers, multi-family offices and other service providers say the new arrivals are helping their businesses, in a city famous as the setting for the “Crazy Rich Asians” film.

More Billionaires


One top banker who declined to be identified said Chinese clients ranked first among new account openings, followed by those from India and Indonesia. Another said that client meetings—once a tortuous process of flying to Jakarta and fighting traffic—had become much easier because many of his Indonesian customers were staying in the same luxury condominium in Singapore.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Teens Forming Friendships with AI Chatbots
I have a dream, MLK inspiring speech
WhatsApp Rolls Out Major Redesign
Aretha Franklin, Marvis Staples - Oh Happy Day
Neuralink's First Brain Implant Experiences Issue
BVI Freedom Song
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
Billy Preston - You Can't Beat God Giving (Live)
OpenAI to Announce Google Search Competitor
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Japan Passes Law for Faster Removal of Online Defamation
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Boeing 737 Catches Fire in Senegal, 10 Injured
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Cruise Ship Arrives in NYC with Dead 44-Foot Whale on Bow
Hello Dolly
Trump lawyer questions Stormy Daniels' account of sex with Trump
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Hunter Biden's Gun Charges Upheld, Trial Set for June
Bob Marley - Get Up Stand Up
Last Indian soldiers leave Maldives
Yes He Can
Brave English woman hilariously mocks a masked thief as he attempts to steal her bike.
What A Friend We Have In Jesus
UK General Election: Sunak Acknowledges Disappointing Results but Maintains Confidence
Unforgettable
Sword Attack Victim Henry De Los Rios Polonia Grateful for NHS Care
Touch The Hem Of His Garment
Post Office Lawyer Jarnail Singh Faces Allegations of Lying About Software Bugs
The Lord's Prayer
Post Office Scandal: Expert Accused of Giving False Court Testimony
THE GOD MOVEMENT...BEAUTIFUL BVI
Suspended Tory Councillor Puts Essex Council Majority at Risk
Siyahamba
UK Government Loses Court Case Over Inadequate Climate Actions
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
Apple Faces Significant Sales Decline Amid AI Integration Delay
Ramblin' Rose
10,000 Black Cab Drivers Sue Uber for $313M Over Alleged Breach of London Booking Rules
Protoje - Who Knows ft. Chronixx
Today’s headlines
Pressure - Virgin Islands Nice
Interns Investigate Unsafe UK Criminal Convictions
Phil Wickham - House Of The Lord
Contaminated Blood Inquiry Highlights Omitted Risks
My God Is Real (Yes, God Is Real)
Kwasi Kwarteng Criticizes Liz Truss as 'Trumpian'
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
SNP Overcomes Labour Confidence Motion
Louis Armstrong - When The Saints Go Marching In
Study Finds Gender Health Gap in UK
Kanye West Sunday Service - hallelujah, salvation, and glory
Reform UK Endorses Conspiracy Theorist Candidates
Jonathan Nelson - I Believe (Island Medley
Family's Deportation Fears Before Channel Tragedy
From The Virgin Islands Sqad Up
Labour's Compromise on Zero-Hours Contracts
Common, John Legend - Glory
Risk of Rwandan Deportation for Misclassified Lone Children
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Sadiq Khan Accuses Tories of Undermining London
I have a dream, MLK inspiring speech
London Daily Morning Headlines - Wednesday, May 1 2024
Aretha Franklin, Marvis Staples - Oh Happy Day
Amazon Cloud Sales Growth Accelerates
BVI Freedom Song
Apple Recruits Google Staff for AI Development
Billy Preston - You Can't Beat God Giving (Live)
Changpeng Zhao Sentenced to Four Months in Jail
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
S&P 500 Experiences Worst Month Pre-Fed Announcement
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Columbia University's Hard Line on Student Protests
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Biden Administration to Relax Marijuana Regulations
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Netanyahu's Firm Stance Amid Rafah Hostage Talks
Hello Dolly
BlackRock to Establish Saudi Investment Firm
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
UK Food Delivery Firms to Check Riders' Immigration Status
Bob Marley - Get Up Stand Up
Elon Musk Disbands Tesla’s Supercharger Team
Yes He Can
Major Changes at Manchester United Under Ratcliffe
What A Friend We Have In Jesus
Rap Lyrics as Trial Evidence in England and Wales
Unforgettable
Rap Lyrics as Trial Evidence in England and Wales
Touch The Hem Of His Garment
Monty Panesar to Stand for George Galloway's Party
The Lord's Prayer
Sadiq Khan Leads in London Mayoral Polls
THE GOD MOVEMENT...BEAUTIFUL BVI
UK Tory Chair on Party Funding
Siyahamba
Brexit Checks to Increase Food Import Costs
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×